Publication of Supplemental Prospectus

PGH Capital Public Limited Company (LEI: 21380031B1D56JRCE375)

Phoenix Group Holdings plc (LEI: 2138001P49OLAEU33T68)

Publication of Supplementary Prospectus

The following document has been approved by the United Kingdom Financial Conduct Authority on 21 April 2020 and is available for viewing:

Supplementary Prospectus dated 21 April 2020 (the "Supplementary Prospectus") relating to the PGH Capital Public Limited Company and Phoenix Group Holdings plc £3,000,000,000 Euro Medium Term Note Programme guaranteed on a senior basis in respect of Notes issued by PGH Capital Public Limited Company by Phoenix Group Holdings plc.

The Supplementary Prospectus should be read and construed in conjunction with the base prospectus dated 24 June 2019 as previously supplemented on 15 August 2019 and 17 January 2020 (the "Base Prospectus", which definition includes the base prospectus, the previous supplements and all information incorporated by reference therein).

To view the full document, please paste the following URL into the address bar of your browser.

http://www.rns-pdf.londonstockexchange.com/rns/3993K_1-2020-4-21.pdf

A copy of the Supplementary Prospectus has also been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

For further information, please contact:

PGH Capital Public Limited Company

Registered Office: 10 Earlsfort Terrace, Dublin 2, Ireland

Group Treasurer: Rashmin Shah

Telephone: +44 20 3735 0059

Email: [email protected]

Website: http://www.thephoenixgroup.com/

Phoenix Group Holdings plc

Office: Juxon House, 100 St Paul's Churchyard, London EC4M 8BU, United Kingdom

Group Treasurer: Rashmin Shah

Telephone: +44 20 3735 0059

Email: [email protected]

Website: http://www.thephoenixgroup.com/

DISCLAIMER - INTENDED ADDRESSEES

Please note that the information contained in the Supplementary Prospectus and the Base Prospectus may be addressed to and/or targeted at persons who are residents of particular countries only and is not intended for use and should not be relied upon by any person outside these countries. Prior to relying on the information contained in the Supplementary Prospectus or the Base Prospectus you must ascertain from the Base Prospectus whether or not you are part of the intended addressees of the information contained therein.

Neither the Base Prospectus nor the Supplementary Prospectus constitutes an offer of securities for sale in the United States or to U.S. persons. The Notes described therein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or under any relevant securities laws of any state of the United States and may not be offered or sold to U.S. persons or to persons within the United States, except pursuant to an exemption from the Securities Act.

Your right to access this service is conditional upon complying with the above requirement.